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2021 Stimmy: Mind The Business That Pays You.

Where is my Stimmy???

With so much going on in the world, it is easy to miss important financial updates. No worries! This edition of #FinanceFriyay is specifically dedicated to bridging the gap between Business Owners and SBA PPP Round two. The ‘Panny’ as we have grown to affectionately name it, has certainly made a tremendous impact in the black community especially that of Small, Black-Owned Businesses. It is in our community where we typically lack the resources made readily available to our non-Black counterparts. Much to our chagrin, many Black-owned businesses were already operating within a small margin, less any savings or safety net prior to the global pandemic. With that said, understanding that we are often ill-prepared and completely left out of most opportunities to scale our businesses, taking matters into our own hands, and learning by way of trial by fire is what we are left with. Collectively, we are less likely to have access to lines of credit, business credit cards, or even term loans to alleviate any stress on the Small Businesses in which we operate.

According to, (which collected its data from the 2019 US Census) Black-owned businesses were struck hardest in the Panny due to the fact that most of our businesses are located in COVID-19 ‘hot spots’. Operating in densely populated zones, which are heavily impacted by COVID-19, (through no fault of our own) only adds to the tumultuous nature of Small Business volatility amid economic pressure.

While SBA assessed their lending process to distribute $521 Billion across 5 Million organizations, it is estimated that a mere 15%-20% of Black-owned businesses had the opportunity to take advantage of PPP loans. Why you may ask? Great question! This is a topic that we have covered at length on #ClubHouse in our “Black Banter: REAL Resources for the Black Community. No Egos.” Room. If you haven’t already, tap into Club House and follow our moderators @ReadyRockDot @ShelbyWu @Sis_yougood, Kay Lee, and @EducatorElliot. Our room is moderated weekly on Saturdays @ 1:30 pm. Nevertheless, what we have found is that our community is less likely to be ‘bankable’ as Business Owners which hinders our ability to gain access to lending even when forgiveness is attached. The main obstacle we face is having our business affairs in order. In any lending situation, especially with government-backed SBA lending, creating a paper trail in an effort to ‘tell your story’ as a business owner is essential. This means ensuring that your business is registered and assigned an EIN with the appropriate distinctions as an LLC, Sole Proprietorship, or Corporation respectively. Additionally, as we seem to struggle with obtaining business credit in our community as a whole, creating or filing for a Dunn’s and Bradstreet number is essential. Developing a sound operational system utilizing systems like Intuit or QuickBooks is essential to providing the documentation necessary to prove that payroll is operating at optimal levels for said business. Thus, when it comes time to provide SBA with proof of payroll as a legitimate expense you are more than prepared to do so.

****Image courtesy of SBA****

What’s required for a complete SBA PPP package? I’m glad that you asked!

Here's the list:

Complete 2019 Quarterly payroll taxes (940, 941, or 944)

Payroll reports for a rolling 12-month period

Gross wages for each employee

Paid Time Off



State and local taxes assessed on an employee’s compensation

1099’s for each individual contractor

Proof of health insurance premiums paid

Proof of any and ALL retirement fund contributions (SEP’s, Simple IRA’s & 401 (k)’s )

It's important to note that $285 Billion in government-backed funds has been allocated to Businesses during the PPP Round 2 (Beginning January 13, 2021) in an effort to sustain the economy by way of ‘stimulus’. While the SBA aims to structure the process by way of additional controls to the supplemental process, PLEASE do not sell yourself short in the way that you 'Mind the Business that Pays You.' For information regarding PPP in both rounds (1and 2) respectively, please refer to the SBA website, link below. As always, for assistance in business/career coaching, development, and guidance, please reach out to us via

(2021) US Small Business Administration Paycheck Protection Program



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